Defendant Name: Mattel, Inc.

Defendant Type: Public Company

Document Reference: 2022-189

Document Details

Legal Case Name In the Matter of Mattel, Inc.
Document Name SEC Charges Mattel with Financial Misstatements and Former PwC Audit Partner with Improper Professional Conduct
Document Date 21-Oct-2022
Document Format Administrative Proceeding
File Number 3-21213
Allegation Type Issuer Reporting and Disclosure
Document Summary On October 21, 2022, the SEC announced that "California-based Mattel Inc. has agreed to pay $3.5 million to settle charges relating to misstatements in its third and fourth quarter 2017 financial statements."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:

Civil Penalty

Individual:     $3,500,000.00 Shared:    

Related Documents:

33-11122 21-Oct-2022 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On October 21, 2022, the SEC instituted settled cease-and-desist proceedings against Mattel, Inc., stating: "On August 8, 2019, Mattel disclosed in a Form 8-K that it was made aware of an anonymous whistleblower letter. The letter alleged accounting errors and questioned the independence of Joshua Abrahams (“Abrahams”), the then-lead engagement partner for Mattel with the company’s outside audit firm, PricewaterhouseCoopers LLP (“PwC”). Mattel terminated its pending $250 million senior notes offering, and its audit committee initiated an independent internal investigation. The audit committee’s investigation concluded that there were material misstatements in the tax-related valuation allowance for Q3 2017, which was understated by $109 million, and in the tax expense for Q4 2017, which was overstated by $109 million."

Related Actions:

In the Matter of Joshua Abrahams, CPA
Joshua Abrahams, CPA